Fast-fashion giant Shein reported a $99 million quarterly loss due to slowing sales after US President Donald Trump ended the "de minimis" tariff exemption on small, low-value packages. The removal of this duty-free loophole—alongside rising costs from the Iran war and US-China tariff tensions—has hit Shein's revenues, leading the company to consider raising prices in the US. Despite these financial setbacks, Shein added over 16% more active customers over the past year and recently received regulatory approval for a long-awaited stock market debut in Hong Kong.